Endresen, meanwhile, is back in the real estate business he knew so well before opening Butterfield in 1980. He has been developing automobile shopping malls for the last year.
“Naturally, it’s a new concept,” he said in a telephone interview from his home in Temecula, where Butterfield was started.
One mall, where motorists can take their cars for a variety of products and services, is under construction, and a few more are in the predevelopment stage, he said. He declined to give locations of the new centers.
His brother, William Endresen, Butterfield’s former chief executive officer, works at a Fullerton construction firm building homes in the Inland Empire.
They and other top managers were ousted in August, 1985, when federal regulators declared Butterfield insolvent and seized it.
“We put every ounce of money and effort into it, and we lost every cent we had,” William Endresen said. He even lost his house to Downey in foreclosure.
He pegged the family’s loss, including their father’s, at $7 million.
“It’s been a struggle,” he said.